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James Company has a target capital structure of 30% debt, 20% preferred stock, and 50% common equity. The company's before-tax cost of debt is 10%,

James Company has a target capital structure of 30% debt, 20% preferred stock, and 50% common equity. The company's before-tax cost of debt is 10%, its cost of preferred stock is 11%, and its cost of common stock is 16%. Assuming the company's marginal tax rate is 30%, what is the company's weighted average cost of capital? (Please Show Work)

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